Scam ICO advertises CoinMarketCap, which was discontinued by police in India

Cryptocurrency scams that have been rife in India for years are finally suppressed by local police.

The criminal police in the Indian state of Gujarat has posted five persons for a fraudulent coin bid (ICO) called Bitstrades.

The company founder Hardik Zadafiya was arrested for fraud and punitive breach of trust under the Indian Penal Code (IPC), but the other four defendants are on the run, the local newspaper Times of India (TOI) reports today [19659002] The police acted on the basis of a first informational report (FIR) submitted by a local resident. The victim had allegedly deceived Bitstrades $ 230,000. Police suspect that the scam might be much bigger, but no more victims have yet been brought.

According to the FIR, the accused took 1

90 investors on trips to Bangkok and Singapore to win their trust. The police suspect that many of these investors may have been deceived by Bitstrades, but are reluctant to contact them.

"[The]" The majority of investors who have lost money in the racket have yet to report. We hope that after registering the complaint, they will provide details of the defendants' cheating on [the crime department]"an investigator told TOI.

The discovery of Bitstrades as a pyramid scheme has shown that there is no due diligence on the cryptocurrency industry.

The ICO fraud was advertised on the home page of the popular cryptocurrency tracker's CoinMarketCap website in January 2018. At the time of printing, CoinMarketCap also follows Bitstrades on Twitter.

It's not as if there's not enough evidence that Bitstrades is anything but scam. A Youtube channel named & # 39; CryptoXposed & # 39; Warns viewers that Bitstrades, like the infamous BitConnect in a January 26, 2018 video, shows all signs of fraud.

If a single creator can detect a scam that sets ICO apart from being a real one – those key players with all their resources should be able to.